Sumeet Singh
PG&EAbout Sumeet Singh
Sumeet Singh is Executive Vice President, Operations and Chief Operating Officer at Pacific Gas and Electric Company and has served as a Utility Board director since March 2023; he is 46 and not currently on any board committees . His core credentials span wildfire safety, utility operations and engineering, and risk management, having previously served as EVP Chief Risk & Safety Officer and Chief Risk Officer at PG&E, with prior roles in gas operations and asset management . Company performance metrics tied to his incentives include three-year TSR that ranked first among the performance peer group at 65.0% for the period ending December 31, 2024, and 2024 short‑term results certified at 103.6% of target with non‑GAAP core EPS growth of 10.6% to $1.36 . In public remarks, Singh emphasizes wildfire safety partnerships and operational readiness, reflecting his safety-first focus .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pacific Gas and Electric Company | EVP, Operations and Chief Operating Officer | 2023–present | Leads operations, safety emphasis, connectivity among operational groups, and operational excellence |
| PG&E Corporation & Utility | EVP, Chief Risk and Chief Safety Officer | 2022–2023 | Oversight of enterprise risk and safety frameworks |
| PG&E Corporation & Utility | SVP & Chief Risk Officer | 2021 | Enterprise risk management leadership |
| Pacific Gas and Electric Company / PG&E Corporation | Interim Utility President & Chief Risk Officer; SVP & CRO | 2020–2021 | Interim executive leadership; elevated accountability for safety and risk |
| Picarro Inc. | Gas Integrity & Safety Officer | 2020 | Gas integrity and safety technology experience |
| Pacific Gas and Electric Company | VP, Asset Management & Community Wildfire Safety Program | 2018–2020 | Asset hardening and wildfire risk reduction program leadership |
| Pacific Gas and Electric Company | VP, Gas Operations | 2014–2018 | Gas transmission/distribution operations and safety |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| California Chamber of Commerce | Director | 2023–present | Business community engagement and policy insight |
| GTI Energy | Director | 2021–present | Energy technology and safety ecosystem connectivity |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $869,011 | $936,182 |
| Target Bonus (% of Base) | 90% | 90% |
| Target Bonus ($) | $765,235 | $842,564 |
| Actual STIP Paid ($) | $1,314,236 | $872,896 |
| Actual/Target (%) | 172% | 103.6% |
| Company Score | 1.701 | 1.036 |
| Individual Performance Modifier | 101% | 100% |
Performance Compensation
Short‑Term Incentive Plan (STIP) – 2023 Company Scorecard (certified in Q1 2024)
| Performance Metric | Weight | Threshold (50%) | Target (100%) | Maximum (200%) | Actual | Unweighted Score | Weighted Score |
|---|---|---|---|---|---|---|---|
| Wildfire risk reduction | 15% | 2.0 | 1.0 | 0.0 | 0.0 | 2.000 | 0.300 |
| CPUC reportable fire ignitions | 10% | 90.0 | 86.0 | 82.0 | 65.0 | 2.000 | 0.200 |
| Quality pass rate | 15% | 0.5 | 1.0 | 2.0 | 2.0 | 2.000 | 0.300 |
| Total gas dig‑in reduction | 5% | 1.11 | 1.05 | 0.86 | 1.01 | 1.211 | 0.061 |
| Preventable motor vehicle incidents | 5% | 2.58 | 2.53 | 2.48 | 2.34 | 2.000 | 0.100 |
| DCPP reliability and safety | 5% | 95.0 | 97.5 | 100.0 | 100.0 | 2.000 | 0.100 |
| Safe dam operating capacity | 5% | 96.2% | 97.0% | 98.8% | 98.5% | 2.000 | 0.100 |
| Non‑fatal SIF rate | 5% | 0.005 | 0.003 | 0.000 | 0.004 | 0.000 | 0.000 |
| CEMI‑5 / CEMI‑10 Index | 5% | 0.500 | 1.000 | 2.000 | 0.976 | 0.976 | 0.049 |
| Gas emergency response | 2.5% | 20.5 | 19.9 | 18.9 | 19.8 | 1.100 | 0.028 |
| Electric 911 emergency response | 2.5% | 97.19% | 98.30% | 99.00% | 97.23% | 0.520 | 0.013 |
| Non‑GAAP core EPS | 20% | $1.17 | $1.19 | $1.21 | $1.23 | 2.000 | 0.400 |
| Operating cash flow | 5% | $4,031 | $4,742 | $5,453 | $4,748 | 1.008 | 0.050 |
| Overall Company Score | — | — | — | — | — | — | 1.701 |
Note: For 2024, wildfire risk reduction was incorporated into the fire ignition metric as a modifier and weighting increased to 25%; overall STIP outcome certified at 103.6% of target after negative discretion, and non‑GAAP core EPS grew 10.6% to $1.36 .
Long‑Term Incentive Plan (LTIP) – PSU Metrics
| Metric | Weight | Threshold (50%) | Target (100%) | Maximum (200%) |
|---|---|---|---|---|
| System hardening effectiveness | 20% | 80% | 84% | 88% |
| Electric corrective maintenance in HFRA | 20% | 69% | 77% | 85% |
| SAIDI (Major Event Days excluded) | 25% | 245.60 | 238.20 | 230.80 |
| Relative TSR (peer group) | 35% | 25th percentile | 50th percentile | 90th percentile |
For 2024 grants, LTIP metrics remained consistent with 2023; awards are solely PSUs, measured Jan 1, 2024–Dec 31, 2026, vesting at three years per AB 1054 holding period .
2024 Target LTIP Award
| NEO | 2024 Target LTIP ($) | Instrument |
|---|---|---|
| Sumeet Singh | $2,600,000 | 100% PSUs |
Equity Ownership & Alignment
Beneficial Ownership
| As‑of Date | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| March 7, 2024 | 97,494 | <1% | Utility Board director only; Section 16 officers prohibited from pledging/hedging |
| March 15, 2025 | 185,103 | <1% | No reported shares pledged; hedging/pledging prohibited |
Outstanding Equity Awards and Vesting Schedule (Singh)
| Award Date | Type | Vesting Date | Units |
|---|---|---|---|
| 3/1/2021 | RSU | 3/1/2024 | 6,518 |
| 3/1/2022 | PSU (Earned) | 3/1/2025 | 175,012 |
| 3/1/2023 | PSU (Unearned) | 3/1/2026 | 166,560 |
| 3/1/2024 | PSU (Unearned) | 3/1/2027 | 156,628 |
Recent Vesting Activity (Liquidity Considerations)
| Year | Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|---|
| 2023 | 105,616 | $1,670,467 |
| 2024 | 51,012 | $847,309 |
Stock Ownership Guidelines & Compliance
- Executive Vice Presidents must hold stock equal to 300% of base salary; officers have five years to meet, and until met, must hold 100% of net shares from RSU/PSU vesting .
- Directors and Section 16 Officers are prohibited from hedging or pledging company stock; no reported shares are pledged .
Employment Terms
Severance and Change‑in‑Control (CIC)
| Scenario | Cash Severance | Equity Treatment | Other Benefits | Triggers/Notes |
|---|---|---|---|---|
| Termination without cause | 1x base + STIP target (other NEOs) | PSUs pro‑rata vest; RSUs continue vesting for 12 months; options continue vesting for 12 months; options exercisable ≤1 year or remaining term | Lump‑sum COBRA value (18 months) and career transition services ($19,500) | Requires release; 12‑month non‑compete and non‑solicit; assist in legal proceedings |
| CIC (double‑trigger) | 2x base + STIP target (other NEOs) | If awards not assumed/continued/substituted, accelerate per policy; if assumed, vest on termination within window; settlement timing per award | Prorated target STIP; COBRA and transition services similar to above | Golden Parachute Restriction Policy requires shareholder approval >2.99x salary+target bonus; no excise tax gross‑ups; benefits may be reduced to avoid 4999 excise |
| For cause/resignation (non‑retirement) | No severance; forfeit unvested equity and unpaid dividends | Forfeiture | — | — |
Definition of CIC includes changes in ownership (>30%), board turnover, merger outcomes (<70% voting power for former shareholders), asset sale/substantially all assets, or liquidation/dissolution plan approval . LTIP acceleration mechanics under CIC are specified by award type with vesting/settlement rules .
Clawback and Recoupment
- Dodd‑Frank Clawback Policy: Mandatory recoup of excess incentive‑based compensation over three‑year lookback after financial restatement; covers stock price/TSR‑based pay .
- Executive Incentive Compensation Recoupment Policy: Discretionary recoupment for restatements, miscalculations, or misconduct causing material harm; covers performance‑based and time‑vested awards .
- 2012 Officer Severance Policy: Allows recoupment of severance benefits for defined misconduct, including public health/safety felony conviction or financial misconduct .
Investment Implications
- Strong pay‑for‑performance alignment: 100% PSU LTIP with three‑year holding (AB 1054), safety/customer metrics weighted 40% in LTIP and materially in STIP, and relative TSR exposure; 2022–2024 PSU outcome benefited from top‑peer TSR of 65% .
- Near‑term vesting events may create supply: Singh’s earned PSUs vest March 1, 2025 (175,012 units), with additional unearned tranches scheduled in 2026 and 2027; vesting activity has translated into realized share deliveries and cash in prior years, implying periodic selling pressure around vest dates .
- Retention risk mitigated by double‑trigger CIC and severance: 2x salary+target bonus under CIC for NEOs, pro‑rata/continued vesting for equity, and non‑compete/non‑solicit covenants strengthen retention and alignment without shareholder‑unfriendly gross‑ups (golden parachute policy caps >2.99x without shareholder approval) .
- Alignment safeguards: Executive ownership guideline at 300% of salary for EVPs, mandatory holding until in compliance, and prohibition of hedging/pledging with no reported pledges reduce misalignment risks .
- Operational execution emphasis: STIP metrics focus on wildfire safety, reliability, and financial stability; 2024 outcome modestly above target at 103.6% with negative discretion applied, indicating conservative governance oversight and disciplined goal‑setting .